(RTTNews) - W. P. Carey (WPC) announced the commencement of an underwritten public offering of an aggregate of 6 million shares of common stock, offered on a forward basis, for gross proceeds of $432 million. In connection with the offering, the company expects to enter into forward sale agreements with Bank of America, N.A. and JPMorgan Chase Bank, National Association, or the forward purchasers. In connection with such forward sale agreements, the forward purchasers are expected to borrow from third parties and to sell to the underwriters an aggregate of 6 million shares of the company's common stock.
The company intends to use the net proceeds, if any, received upon the settlement of the forward sale agreements to fund potential future investments, to repay certain indebtedness, and for general corporate purposes.
At last close, shares of W. P. Carey were trading at $74.20.
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